18th March 2021
Global Petroleum Demand Peaks, Ford Announces Permanent WFH Policy, Credit Suisse Overhauls Asset Management Business
Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, compiled by hand to exclude the clutter and ensure you get up to speed in under a minute.
[Energy] The International Energy Agency (IEA) forecasts that the global gasoline demand has peaked as the shift to electric vehicles and rising fuel savings will outstrip developing-world demand growth.
[M&A] Snap has acquired Fit Analytics, a Berlin-based firm that helps consumers pick the right clothing size when they shop online. Fit Finder, a Fit Analytics product, uses machine learning and customer-provided information to make its recommendations and is expected to bring more e-commerce and in-app purchases to Snapchat.
[WFH] Ford Motor Co. announced on Wednesday that 30,000 of its employees could work from home (WFH) indefinitely, with flexible hours approved by their managers. The new approach would see employees going into the office for group meetings and projects best-suited for face-to-face interaction. Parts of corporate are expected to follow suit.
Over60: AP News
[Business] Credit Suisse will overhaul its asset management business and suspend bonuses for some senior executives as the bank races to contain the damage from the collapse of supply chain finance company Greensill Capital. The Swiss lender had multiple ties to Greensill, including $10bn of funds that offered exposure to the company’s loans and were marketed to the bank’s clients as safe investments.
[Economy - U.S.] The Federal Reserve announced it would maintain overnight interest rates near zero, where they have been set for the past year, and to continue purchasing at least $120 billion of Treasury bonds and mortgage-backed securities monthly. Fed Chairman Jerome Powell said the measures “will ensure that monetary policy will continue to deliver powerful support to the economy until the recovery is complete.”
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